EchoStar and Rocket Lab are discounted SpaceX proxies.
EchoStar and Rocket Lab are trading at a material discount relative to SpaceX, offering an interesting post-IPO way to get discounted exposure to the space economy; they are attractively valued as part of the space supply chain.
The space economy is still early with a massive TAM between $2-28 trillion, and the SpaceX IPO is driving interest. The NASA ETF offers a differentiated way to invest by holding private SpaceX shares at cost (10-12% exposure) in an actively managed, risk-controlled portfolio across the space value chain, without paying a premium. This provides fiduciary access to SpaceX and other space companies at an early stage.